1. The Commission imposed a temporary prohibition on a tender offer submitted by S&B Holding GmbH, Oberhausen, Germany, for the purchase of shares of Bentonit AD, Kardjali, from the company’s other shareholders through the Investment Intermediary Economic and Investment Bank PLC.

 2. The Commission approved a tender offer submitted by Bulgaria – Tex AD, Svilengrad, and Bulgaria 2000 AD, Kazanlak, for the purchase of shares of Bulgaria – К AD, Kazanlak, from the company’s other shareholders through the Investment Intermediary Bulbrokers AD, Sofia City. The price offered per share is BGN 24.

 3. The Commission imposed a final order of prohibition on a tender offer submitted by LUKOIL EUROPE HOLDINGS B.V., Holland, for the purchase of shares of LUKOIL NEFTOCHIM BURGAS AD, Burgas, from the company’s other shareholders through the Investment Intermediary Raiffeisenbank (Bulgaria) EAD, Sofia City.

 4. The Commission approved a tender offer submitted by ET Zaara – Yancho Ivanov, Stara Zagora, for the purchase of shares of Parvomai BT AD, Parvomai, from the company’s other shareholders through the Investment Intermediary Aval In AD, Sofia City. The price offered per share is BGN 4.49.

 5. The Commission entered Interlogic-Leasing SA, Sofia City, as a public company. The securities issue to the amount of BGN 725,710, allocated in 72,571 pieces of ordinary, registered shares, having a nominal value of BGN 10 each was also entered. The said issue constitutes the company’s court registered share capital.
 
6. The Commission adopted a Regulation on the own funds and solvency margins requirements of the insurers and health insurance companies. Its promulgation in the State Gazette is forthcoming.

Under the Regulation adopted, provisions settling for the first time the procedures for performing supervision over the solvency of insurers on consolidated basis were included. Thus, the requirements of Directive 98/78/EC on the supplementary supervision of insurance undertakings in an insurance group are completely introduced.
On the other hand, by adopting the new Regulation on the own funds and solvency margins requirements of the insurers and health insurance companies, the requirements of Directives 12 and 13 of 2002 of the EC regarding the determination of the solvency margin of the insurance undertakings are fully applied.
 At the same time, several texts were also specified, which texts could be ambiguously interpreted, and some omissions and incompleteness of the Regulation hitherto effective as established in the process of its implementation were removed.

1. The Commission imposed a temporary prohibition on a tender offer submitted by Zavod za Metalorezheshti Mashini – Bulgaria Holding AD, Sofia City, for the purchase of shares of Mashstroy AD, Troyan, from the company’s other shareholders through the Investment Intermediary Aval In AD, Sofia.

2. The Commission imposed a temporary prohibition on a tender offer submitted by Terra Tour Service EOOD, Sofia City, for the purchase of shares of Eztour JSC, Sofia City, from the company’s other shareholders through the Investment Intermediary Karoll AD Financial House, Sofia City.

3. The Commission entered into its Public Register an issue of securities issued by Colos-1 JSC Special Purpose Vehicle (SPV). The issue has the following parameters: 103 pieces of ordinary voting shares, having a nominal value of BGN 1,000 each. The initial public offering of this issue’s shares has been successfully concluded and trading of the issue at the Stock Exchange is forthcoming.

4. The Commission approved a request submitted by the Investment Intermediary CEE Securities JSC, Sofia City, on the issuance of approval for effecting transactions under Art. 54, Para. 1, Item 3 of the POSA. The extended licence allows CEE Securities JSC to manage individual securities portfolios and/or customers’ monies, except for portfolios of investment companies and pension funds.

5. The Commission withdrew the licence for conducting activities as an investment intermediary issued to X-Pit & Co. OOD at the request of the intermediary.

6. The Commission adopted Practice on the Implementation of Art.26, Para.2 of the Special Purpose Vehicles Act.
The above Practice relates to the type and form of the declarations that the persons managing and representing a special purpose vehicle are to submit to the Financial Supervision Commission.

The document is to be published on the Commission’s website, Documents Section, Instructions & Requirements.

7. The Commission recognized Kalin Krasimirov Metodiev’s qualifications acquired abroad, requisite to conduct activities as an investment consultant in Bulgaria.

1. The FSC issued a new licence to Varna Investment Intermediary /VIP-7/ AD, Varna, to perform activity as an investment intermediary. The investment intermediary may effect the investment and additional activities and services provided for under POSA, without underwriting issues and transacting in securities for one’s own account. In order to perform activities and provide services under the new licence, it shall be required that the company has at its disposal at any time capital amounting to not less than BGN 250,000. 

2. The FSC issued a new licence to Eurodealing PLC, Burgas, to perform activity as an investment intermediary. The investment intermediary may effect the investment and additional activities and services provided for under POSA, without underwriting issues and transacting in securities for one’s own account. In order to perform activities and provide services under the new licence, it shall be required that the company has at its disposal at any time capital amounting to not less than BGN 250,000. 

3. The Commission entered a subsequent shares issue, the purpose of which being trading these on a regulated securities market, issued by Active Properties REIT as a result of increase in the company’s capital stock from BGN 650,000 to BGN 5,200,000 through issuance of new 4,550,000 shares having a nominal value of BGN 1 each and issue value of BGN 1.10 each.

4. The Commission acknowledged the qualifications acquired by Stanislav Ivanov Voynovski to exercise activities as an investment advisor.

5. The Commission adopted an Amendment Ordinance to Ordinance No. 21 of March 16, 2005 on the own funds and solvency margin of insurers and health insurance companies.
Under the said Ordinance, the European directives with regard to the requirements for the solvency margin of the insurers are fully transposed in our legislation. New elements are introduced where calculating the insurer’s own funds. In compliance with the new provisions, the insurer’s shareholding and equity participations in the capital of other financial institutions are to be deducted from the insurer’s own funds. An opportunity is also provided for to report the data on the health insurance companies’ financial standing where calculating the adjusted solvency of the insurers.
The aforesaid Ordinance’s publication in the State Gazette is forthcoming.

6. The Commission adopted at first reading a Draft Amendment Ordinance to Ordinance No. 9 of November 19, 2003 on the terms and procedures for valuation of assets and liabilities of supplementary pension funds and pension insurance companies, the value of the fund’s net assets, on calculation and announcement of the value of a unit, as well as on the requirements for maintaining individual accounts.

The amendments introduced in the Ordinance result mainly from the Amendment Act to the Social Insurance Code’s entry into force, promulgated, State Gazette, Issue No. 17 of February 24, 2006, in connection with the regulation of new types of instruments, in which the funds of pension funds may be invested. Several stylistic adjustments in order to specify separate texts for the purpose of avoiding their contradictory interpretation and practical implementation are also proposed.
The Draft Ordinance shall be forwarded to the interested parties in order to be co-ordinated with the latter and shall be published on the FSC’s website.

 1. The Financial Supervision Commission approved a prospectus for secondary public offering of shares and entry of TRANSCARD AD, Sofia City, as a public company in the Public Companies Registry, kept by the FSC. The issue amounts to BGN 5 mln., allocated in 5 mln. pieces of ordinary, registered, dematerialized, freely transferable shares, having nominal value of BGN 1 each, and representing the court registered capital of TRANSCARD AD. The Commission entered the issue into the Registry for the purpose of trading on the regulated market.

 2. The Commission adopted an Ordinance on Amendments to Ordinance No. 3 of September 24, 2003 on the terms and procedures for switching participation and transferring the amounts accrued in an insured person’s individual account from one supplementary pension fund to another fund of the same type, managed by another pension insurance company.
Under the amendments introduced to the above Ordinance, it is provided for the implementation of a mechanism, through which it shall be guaranteed that the insured person has personally expressed its own volition to switch participation or to transfer amounts accrued from one pension fund to another fund of the same type. For the said purpose, a requirement is introduced for notarised attestation of the insured person’s signature on the first copy of the Application for Switch of Participation or for Transfer of Amounts Accrued, as submitted by them. This has respectively led to abolition of the hitherto prevailing procedure for submission of the Application in person by the insured at an office of the new pension insurance company of the same type. The Application samples are also amended.

 3. The Financial Supervision Commission approved an Application for Issuance of Approval for Performing Transformation of an Investment Intermediary under Art. 74а, Para. 1, Item 1 of the POSA Form.

1. The Commission issued a temporary prohibition on the publication of a tender offer submitted by Radino PLC, Sofia City, for the purchase of shares of Kramex JSC, Sofia City, from the company’s other shareholders through the Investment Intermediary Financial House Ever Inc., Sofia City.
2. Sofia Invest Brokerage JSC, Sofia City, was divested of the right to effect transactions in securities for its own account and to underwrite issues of securities.
3. The Commission adopted at first reading Draft Regulation on the organization and operation of the Investors in Securities Compensation Fund. The Draft shall be published on the website of the Financial Supervision Commission.
4. The Commission adopted at first reading Draft Ordinance on the internal information and the internal persons, and on the unfair trade and securities market manipulation. The Draft shall be published on the website of the Financial Supervision Commission.
5. The Commission adopted at first reading Draft Insurance Code. The Draft shall be forwarded to all parties interested and shall be published on the website of the Financial Supervision Commission.

1.The Commission issued a voluntary health insurance licence to Health Insurance Institute PLC(undergoing a process of incorporation), Sofia City.The said licence shall authorize the offering of three  health insurance packages :“hospital medical aid“,“extra-hospital medical aid“, „health improvement and illness prevention“
2.The Commission did not issue a final prohibition on the publication of a tender offer submitted by I. S. Mihailov EOOD, Bourgas, for the purchase of shares of Monolit – Stil AD, Bourgas, from the company’s other shareholders through the Investment Intermediary BenchMark Finance AD, Sofia City.

The Commission adopted Ordinance on the amendment to Ordinance No 9 on the terms and procedures for valuation of assets and liabilities of supplementary pension funds and pension insurance companies, the value of the funds net assets, on calculation and announcement of the value of a unit , as well as on the requirements for maintaining individual accounts.The Ordinance shall be published in the State Gazete.

1. The Commission issued a temporary prohibition on the publication of a tender offer submitted by I. S. Mihailov EOOD, Bourgas, for the purchase of shares of Monolit – Stil AD, Bourgas, from the company’s other shareholders through the Investment Intermediary BenchMark Finance AD, Sofia City.

2. The Commission approved a prospectus related to a secondary public offering of 2,000 pieces of ordinary, interest-bearing, registered, freely transferable, dematerialized, secured mortgaged backed securities, having a nominal value of EUR 1,000 each, floating rate, determinable on the basis of the 6-month Euribor plus a fixed mark-up of 3.9%, where the minimum value of the coupon is 6.9%, having a maturity date of up to 60 months following the issuance date of one class, issued by Economic and Investment Bank PLC.
The Commission entered the issue into the Public Registry, kept by the FSC.

3. The Commission entered into the Public Companies and Other Issuers of Securities Registry an issue of 150,000 pieces of ordinary, registered, dematerialized, freely transferable voting shares, having a nominal value of BGN 1 each, issued by Active Properties SPV for the purpose of trading these on a regulated securities market.

4. The Commission adopted at first reading a Draft Ordinance on Approval of a Common Methodology for Liquidation of Damages under Third Party Liability Insurance to the Owners, Users, Holders and Drivers of Motor Vehicles.
The Draft Ordinance shall be concerted with all institutions interested. The complete text of the said Draft Ordinance and the Appendices to it may be found under the Legal Framework Section, Draft Normative Documentation Heading.

5. The Commission passed instructions with regard to the implementation of Art. 21 under Ordinance No. 18/Nov. 10, 2004 of the FSC on the compulsory insurance under Art. 77, Para. 1, Items 1 & 2 of the Insurance Act. These are related to interpretations and clarifications on the completion of the control counterfoil, on the place and method of sticking the sticker certifying the existence of the compulsory Third Party Liability Insurance duly taken out. The said instructions shall be published on the website of the Financial Supervision Commission.

1.  The Commission issued a temporary prohibition on the publication of a tender offer submitted by Tourist Trust SPLTD., Sofia City, for the purchase of shares of Intertravelservice JSC, Sofia City, from the company’s other shareholders through the Investment Intermediary Capman Inc., Sofia City.
 
   2. The Commission approved a prospectus for initial public offering of 150,000 pieces of ordinary, registered, dematerialized, freely transferable shares, having nominal value of BGN 10 each and issuance value of BGN 30 each, issued by Sturgeon AquaFarms Bulgaria, LLC., Sofia City, as a result of increase in the company’s capital.
The Commission entered into the FSC’s Public Registry the company as an issuer and the aforesaid issue of shares (undergoing an issuance procedure).

 3. The Commission issued a licence to BenchMark Asset Management PLC to undertake the following activities as a management company:
• management of the activities of collective investment schemes and of closed-end investment companies, including:
• investment management;
• units or shares administration, including legal advisory services and accounting services in connection with asset management, investors’ requests for information, asset valuation and units or shares’ price calculation, control over the observation of the legal requirements, keeping the book of the unit holders or the shareholders, distribution of dividends and other payments, issuance, sale and repurchase of units or shares, contract execution, reporting;
• marketing services.

The company also has the right to perform the following extra services:
• management (in compliance with a contract concluded with the customer) of individual portfolio, such of an institutional investor inclusive, comprising securities, at one’s own discretion, without receiving special orders by the customer;
• provision of investment consultation with regard to securities.

4. The Commission issued a licence to Park SPV to undertake activities as a special purpose vehicle, and namely: investment of pecuniary means raised through issuance of securities in real estates (real estate securitization).
The Commission approved a prospectus for public offering of 150,000 pieces of ordinary, registered, dematerialized, freely transferable voting shares, having nominal value of BGN 1 each, issued by Park SPV, as a result of increase in the company’s capital.
The Commission entered the aforesaid issue of shares (undergoing an issuance procedure) issued by Park SPV into the Public Companies and Other Issuers of Securities Registry, kept by the Commission.

1. The Financial Supervision Commission approved a prospectus for initial public offering of 710,000 pieces of ordinary, registered shares, having nominal value of BGN 1 each, issued by Web Media Group AD as a result of increase in the company’s capital from BGN 710,000 to BGN 1,420,000 in compliance with a resolution of the company’s General meeting of shareholders. The Commission entered Web Media Group AD in the Public Register as an issuer.

Web Media Group AD owns the following websites: www.finance.news, www.news.bg, www.topsport.bg. Main shareholder in the company is Hiron – 91.

2. The Financial Supervision Commission approved a prospectus for initial public offering of dematerialized, privileged voting shares, entitling their owners to a dividend, right to liquidation proceeds and buy-back right, issued by Elana High Yield Fund AD Open-End Investment Company. The Commission entered the issue and the company in the Public Register.

Elana High Yield Fund AD Investment Company is managed by Elana Fund Management AD Management Company. It is envisaged that the new company shall mainly invest in shares of Bulgarian companies traded on the stock exchange.

3. The Financial Supervision Commission issued a licence to Elana Farm Land Fund SPV to perform activities as a special purpose vehicle for real estate securitization. The Financial Supervision Commission approved a prospectus for public offering of 2,000,000 pieces of ordinary shares, having a nominal value of BGN 1 each, issued by the company as a result of initial increase in capital.

Company’s founders are Elana Holding with 70% of the company’s capital, Dobrudja – М- Life Mutual-Insurance Co-operative Association with 20 %, and Planeta AD Health Insurance Company with 10 %.